BNBMPLC(000786) 光大证券·2025-03-30 14:50Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company achieved revenue of 25.82 billion and net profit attributable to shareholders of 3.65 billion in 2024, representing year-on-year growth of 15.1% and 3.5% respectively. The operating cash flow for the year was 5.13 billion, up 8.5% year-on-year [1]. - The gypsum board segment faced slight pressure, with revenues declining by 4.8% to 13.11 billion. However, the waterproofing materials segment grew by 19.2%, and the paint business saw a significant increase of 328% due to the consolidation of Jia Baoli [2]. - The company's gross margin remained stable at 29.9%, with a slight increase in the gypsum board gross margin to 38.51%. However, the overall net profit margin decreased to 14.4% due to increased expenses from acquisitions [3]. - The company's growth strategy, which includes a focus on the gypsum board business and expansion into waterproofing and paint segments, is expected to drive profitability and growth in the coming years. The net profit forecasts for 2025 and 2026 are 4.57 billion and 5.37 billion respectively, with an introduction of a new forecast for 2027 at 6.22 billion [4]. Summary by Sections Financial Performance - In 2024, the company reported revenues of 25.82 billion, a 15.1% increase from the previous year. The net profit attributable to shareholders was 3.65 billion, reflecting a 3.5% increase. The operating cash flow was 5.13 billion, up 8.5% year-on-year [1]. - The fourth quarter saw revenues of 5.46 billion, with a net profit of 500 million, indicating a year-on-year revenue growth of 1.5% but a decline in net profit by 34.7% [1]. Product Segmentation - The gypsum board and keel segments generated revenues of 13.11 billion and 2.29 billion respectively, with declines of 4.8% and 0.1%. The waterproofing materials segment grew by 19.2%, while the paint segment surged by 328% due to the consolidation of Jia Baoli [2]. - The gross margin for gypsum boards was 38.51%, with a slight increase, while the overall gross margin for the company remained stable at 29.9% [3]. Strategic Outlook - The company's strategy focuses on the "One Body, Two Wings" approach, emphasizing stable growth in the gypsum board business, counter-cyclical growth in waterproofing, and expansion through acquisitions in the paint sector. This strategy is expected to enhance both growth and profitability [4].